Hydrogen-electric aircraft maker ZeroAvia has completed another successful financing round, led by some previous investors and some new ones. The sustainable aviation specialist plans to use the new funding to accelerate the certification of its first propulsion system and support sales of its internal components to other electric aviation OEMs.
ZeroAvia has committed to delivering 40- to 80-seat aircraft with a range of 700 miles by 2027. So far, its stable technology has garnered the interest (and funding) of some heavy hitters in the sector to help push development forward.
By 2022, ZeroAvia has secured more than $30 million in funding, including investment from American Airlines, which joins Alaska Airlines and United in investing in hydrogen-electric aircraft.
2023 included several new partnerships and a new round of funding led by Airbus, Barclays and Saudi Arabia’s “living laboratory”, NEOM. In late November, ZeroAvia announced a deal to supply 70 zero-emission aircraft to sustainable airline EcoJet, which it claims will be the world’s first all-electric airline.
Last July, American Airlines committed to a major purchase of zero-emission engines alongside a new investment in an aviation technology startup as part of a Series C funding round. Today, ZeroAvia announced that it has extended its Series C round, which is now complete with a total of $150 million.
ZeroAvia adds more names to its investment portfolio
Sustainable Aviation today shared details of its financing renewal round. It includes a £20m (€23.7m) investment from the National Investment Bank of Scotland, aka “the bank”, which is backed by other investors such as American Airlines, International Airlines Group (IAG) and ITOCHU. joins
ZeroAvia shared that the round was led by Airbus, Barclays Sustainable Impact Capital and NEOM Investment Fund (NIF). UK Infrastructure Bank joined as a cornerstone investor, with existing investors such as Breakthrough Energy Ventures, Horizons Ventures, Ecosystem Integrity Fund, Summa Equity, Alaska Airlines, Climate Pledge Fund and AP Ventures also participating.
The funding will allow the aviation startup to accelerate its progress toward certifying the first hydrogen-powered aircraft engine for commercial operation. Founder and CEO of Per ZeroAvia, Val Miftakhov:
We have closed an incredibly strong funding round to help us deliver a clean flying future for all of aviation. As a targeted impact investor, the bank is an ideal partner for ZeroAvia. Scotland’s ambitious net zero targets, its strategic focus on hydrogen and its strong existing aerospace skills base make it an attractive location for ZeroAvia’s UK manufacturing operations as we grow into a major aerospace manufacturer.
In addition to being certified to fly, ZeroAvia says the $150 million in funding will help it begin selling its domestic aviation technology, including electric motors and fuel cell power generation systems, to other companies.
ZeroAvia has already tested a prototype of its first ZA600 engine, implemented on a Dornier 228 aircraft at its UK base, and is in the process of applying for certification by the CAA. In addition, the company has conducted advanced ground tests for its ZA2000 system in the US and UK, which could one day help sustainably propel 80-seat regional turboprop aircraft.
This larger and more advanced engine includes cryogenic tanks for LH2 and a high temperature PEM fuel cell and dedicated electrical systems.
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